On August 23, 2007, Powder Coating, Inc. filed a petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia. In September 2008, the Bankruptcy Court appointed Mr. Hays as the Chapter 11 Trustee for the Estate of the Debtor and the Trustee has been duly acting in that capacity since that time. The Trustee arranged for the sale of the business with the transaction closing in December 2008. The Trustee is currently administering the estate.
Maxxis Group, Inc. and related affiliates were involved in the network sales and marketing of nutritional products and communications services. Mr. Hays serves as the Trustee and Hays serves as the Accountants to the Trustee.
The case was closed in April 2013.
Mr. Hays was elected Chapter 7 Trustee in April 2004 for this holding company with $7 million in claims. We settled a fraudulent conveyance claim for $2.8 million in September 2005. We made interim distributions to creditors and are pursuing the remaining litigation. The Trustee anticipates making a final distribution and closing the estate in 2011.
Galey & Lord, Inc. was a leading global manufacturer of textiles for sportswear. On August 19, 2004, Galey & Lord, Inc., and nine affiliates (Debtors) filed separate voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code). Upon the filing, the Court ordered the ten Debtors bankruptcy cases jointly administered. At the end of November 2004 and less than four months after the bankruptcy cases were filed, the Court converted the cases to Chapter 7, and Mr. Hays was appointed as the Chapter 7 Trustee. The final distribution check was mailed in 2012 and the case is closed.